Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Splish Brothers had the following account balances. The company uses the perpetual inventory

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Splish Brothers had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Debit $21,600 5,376 2,064 60,000 $89,040 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Supplies Equipment Credit $2,400 8,160 9,600 4,080 48,000 16,800 $89,040 Common Stock Retained Earnings During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 Paid $8,520 for salaries due employees, of which $4,440 is for November and $4,080 is for October. Received $4,560 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $19,200, terms 2/10, n/30. Sold mercha on account for $13,200, terms 2/10, n/3 cost of mer dise was $9,600. Received credit from Dimas Discount Supply for merchandise returned $720. Received collections in full, less discounts, from customers billed on sales of $13,200 on November 12. Paid Dimas Discount Supply in full, less discount. Received $5,520 cash for services performed in November. Purchased equipment on account $12,000. Purchased supplies on account $4,080. Paid creditors $7,200 of accounts payable due. Paid November rent $900. Paid salaries $3,120. Performed services on account and billed customers $1,680 for those services. Received $1,620 from customers for services to be performed in the future. 25 27 28 29 29 29 29 (c) Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 11/1 Bal. 21,600 Accounts Receivable 11/1 Bal. 5,376 Inventory Supplies 11/1 Bal. 2,064 Equipment 11/1 Bal. 60,000 Accumulated Depreciation-Equipment 11/1 Bal. 2,400 Accounts Payable 11/1 Bal. 8,160 Unearned Service Revenue 11/1 Bal. 9,600 Salaries and Wages Payable 11/1 Bal. 4,080 Common Stock 11/1 Bal. 48,000 Retained Earnings 11/1 Bal. 16,800 Service Revenue Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Iso 9000 Quality Systems Auditing

Authors: G. D. Green, Dennis Green

1st Edition

0566079003, 978-0566079009

More Books

Students also viewed these Accounting questions

Question

2. What is the impact of information systems on organizations?

Answered: 1 week ago

Question

Evaluate the impact of technology on HR employee services.

Answered: 1 week ago